Technical outlook and chart setups:
The currency pair bounced off the expected support area between the 1.42/1.43 levels as it was discussed yesterday. The probability of bullish reversal may be unfolding at the moment that could drag prices higher upto 1.49 levels atleast. Hence it is recommended to initiate long positions now, with a risk below 1.4200. Swing resistance is at 1.48, followed by the major resistance at the 1.5 levels, while support is fixed at the 1.4 levels now. A push through the falling trendline at 1.4400 would instill further confidence in a bullish reversal.
Trading recommendations:
Initiate long positions now (1.4330), set stop below 1.42, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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